Pricing decision

As decided by the Governing Council of the ECB in November 2010) ,the delivery-versus-payment (DvP) price for T2S will be set at 15 cent per instruction. This price is fixed for the period from 22 June 2015 to December 2018, provided that the following conditions are fulfilled:

non-euro currencies add at least 20% to the euro settlement volume

the securities settlement volume in the EU is not more than 10% lower than the volumes projected by the T2S Programme Office, which in turn are based on market advice

tax authorities confirm that the Eurosystem will not be charged VAT for T2S services (approved)

This pricing decision remains consistent with the principle of full cost recovery, while also coinciding with the objective that T2S has always pursued – to achieve a settlement fee that is lower than any current domestic fee, even when the cost of CSDs are added to the T2S fee.